Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/33345
Title: Perks and the informativeness of stock prices in the Chinese market
Authors: Gul, FA
Cheng, LTW 
Leung, TY
Keywords: Auditor quality
Earnings quality
Perks
R-square
Issue Date: 2011
Publisher: Elsevier Science Bv
Source: Journal of corporate finance, 2011, v. 17, no. 5, p. 1410-1429 How to cite?
Journal: Journal of Corporate Finance 
Abstract: While the literature shows that perks can affect firm values positively or negatively, we argue that firms with higher perks are more likely to be associated with a lower quality of financial reporting, which, in turn, can affect the informativeness of stock prices. Based on hand-collected data on perks from Chinese listed firms, we find that firms with lower perks are associated with higher informativeness of stock prices (or lower R-square). Moreover, the positive association between perks and R-square is shown to be weaker for firms with higher financial reporting quality through audit and earnings quality measures.
URI: http://hdl.handle.net/10397/33345
DOI: 10.1016/j.jcorpfin.2011.07.005
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